Investing.com -- Shares in Lexicon Pharmaceuticals (NASDAQ:LXRX) jumped in premarket U.S. trading on Tuesday, after the group said its heart failure drug had received preferred status at Express Scripts, the pharmacy benefits management unit of The Cigna (NYSE:CI) Group's Evernorth health services brand.
In a statement late on Monday, Lexicon announced that the oral treatment, known as Inpefa, will be placed on Express Scripts' Premier Access and Premier Performance national formularies, or drug lists, for Medicare patients on Nov. 1.
The company said the placement will provide access to Inpefa for Express Scripts Medicare patients in plans that utilize these lists.
“We have been working towards this achievement and hope to continue this momentum with additional significant progress towards broad access to and coverage for Inpefa,” Lexicon Chief Executive Officer Lonnel Coats said.
The U.S. Food and Drug Administration previously approved the drug in May for a broad treatment of heart failure, including in adults with type 2 diabetes. It was the firm's first treatment to receive approval from the FDA.